Vancouver has seen a huge drop in sales on commercial sector over last year, but not for the lack of the demand, as supply is constrained as compared to the available inventory if last year, this report was released by REMAX Commercial.
There were around 875 sales in Real Estate in Vancouver during Q2 in last year, but now only sales this year were around 595. Last year $4.62bln fell by 37.5% in year 2017 and commercial sales in Q2 totalled by $2.89bln. Sales on land decreased by year over year in Q2, from $2.12bln to year 2016 – $1.51bln in this year by drop of 29%. A Book On Vancouver Real Estate is available to know that How To Buy It, Sell It, And PROFIT From It.
As per reports local investors are the Vancouver’s greatest market drivers, but there is strong interest which is originating from south of border and Asia as well as Europe.
GVA is absorbing the office spaces very quickly, vacancy rate for class-A offices in Real Estate in Vancouver is around 6.7% and in Q2 around 700,00 sq. ft of industrial space was also absorbed which was more than 50,00 the same as in the last year. Helping pad was Amazon, which was at leased around 76,000 sq. ft of the office space in the earlier this month.
Post secondary institutes are those feelings where squeeze is more for the infrastructure space and 30 storeys Bosa Waterfront Centre could help out, this will be having around 355,000 sq. ft. of the office space. West Pender also slated for the development in near future.
As per reports by REMAX, hike in interest rates in Bank of Canada haven’t affected Real Estate in Vancouver, but this may change next year with expected hikes near December 6. Slow supply in commercial market will be continued well in next year. You can also learn new tactics to plan and build tall buildings.
Outlook for Alberta capital city is very bright, as there was nearly increase of 39% in sales value of commercial spaces over the year through Q2, which hit around $1bln mark for first time in 3 years. Private investors are very active cohort in the commercial property market in Edmonton and institutional investors have sight set on core industrial and retail properties. Retail vacancy rate is around 5% with sales around at $331,872,034 by Q2, as it is below 8% in industrial sector.
Sales of office space have been increased by 202% through first half of year as compared to same period in year 2016, largely because of portfolio sale of 5 building office. Due to around 1.8 million sq. Ft of new office space which is being injected in downtown Edmonton, vacancy rate is higher than commercial property rate. Buyers in market to grow up the investment portfolio which can take the advantage of the office space owners who looking forward to sell the assets.